A quick note this morning. Yesterday's market decline was notable not only for the depth of the decline, but also for the fact that it occurred with poor market breadth. Two analysts examine what this means for the market. Unfortunately no clear conclusion emerges.

Ticker Sense noted the poor breadth in the S&P 500 stocks yesterday. However by their measure this did not indicate much in terms of the direction of the market a day and a week in the future.

TraderFeed looks at the ARMS index, a variation on the A/D line, which registered a 2.85 yesterday. Historically similar measures indicated higher prices over the next few days. However by another measure the negative momentum experienced yesterday tended to spill over into the next few sessions.

The bottom line is that only rarely do all indicators point in a single direction. It is up to each investor to gauge the relative importance of the numerous technical, fundamental and sentiment indicators that flash signals on a daily basis.

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